Commenting on the report, European Commission Vice President Valdis Dombrovskis said many other member states “are making progress” in reforming their economies and implementing corrective measures for what he described as “macroeconomic imbalances.”

“Strong economies are those that keep addressing their weaknesses, even when times are good,” said Dombrovskis. “This is precisely what our strategy should be both at the EU and national levels.”

The report also pointed to Germany, saying it was experiencing imbalances which could “adversely” affect the functioning of the bloc. However, the report suggested the risks were less considerable compared to other member states’ issues.

Dombrovskis has come under increasing pressure from some EU nations to be harder on public spending rules. Eight northern European countries said they were against further integrating EU economies if some member states continue to ignore existing rules.

A stronger economic and monetary union “starts with implementing structural reforms and respecting the Stability and Growth Pact (SGP),” said a statement from the grouping, which included Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands and Sweden.

The SGP is a “set of rules designed to ensure that countries in the European Union pursue sound public finances and coordinate their fiscal policies,” according to the Commission.